A new trend is emerging among millennials who want to break the conventional life chain and gain financial independence as soon as possible.
Taking a page from the economic style of the Baby Boomer generation, some of the Millennial generation are turning to frugal living as a means to achieve their financial independence.
The group is collectively known as FIRE, abbreviation of Financial Independence, Early Retirement.
FIRE enthusiasts make sacrifices like mortgages in townhouses or go out to eat in the newest cafe that serves avocado party.
A new trend is emerging among millennials who want to break the conventional life chain and obtain financial independence as soon as possible (stock image)
Blogs and online communities have been emerging around the new trend as more and more millennials move away from the current economic climate.
One of those blogs, Aussie Firebug, helps people discover how they can get the savings.
"By investing at an early age and consistently, it is possible to reach a point where your investments pay you enough money to live," says the blog.
"If you love your work and would not trade it for anything in the world, then this blog is not for you."
The blog has already gained popularity online with several people praising him for teaching them the path to early financial independence.
"It's great to see some fellow Australians taking their futures and finances seriously! I must admit that I'm lucky to enjoy my work, and my days are far from the depressing scenario you paint up," said one comment.
"We are exactly on the same path, but I started quite late." Better after than never. We currently save 65 percent of our income, "added another.
Birds of Fire is another blog that aims to help others find success in the FIRE model.
No mortgages in trendy townhouses or eating in the newest cafe serving avocado party, the FIRE movement has adopted a role more similar to that of the Baby Boomers who came before them (stock image)
The creator of the blog, known only as Olivia, has a professional background in finance that he has adapted to FIRE.
"I think a lot of people do not realize how much daily vices cost them in terms of savings, I also included myself for a while," he wrote.
The point is that once you build a nest of eggs that is 25 times your annual expenses, you can do what you want. Always. You have the freedom and the ability to do anything. Sacrificing a few years of harder work and greater savings is worth it. "
The Age also met with the FIRE Tristan and David millennials to find out what made them decide on the lifestyle change.
Both said that the current model of working up to 65 years and accessing their retirement after decades of daily routine did not appeal to them.
They felt that people were simply "accepting" it and took their future into their own hands.
The main message of the movement FIRE is to save as aggressively as possible and give up anything that does not require at all, since the superficial expenses will only prevent early retirement (stock image)
"The idea of working until 65, traveling two hours a day and not being able to access retirement money until we were adults did not sound like much fun," Tristan said.
"We liked the idea of being in charge of life being financially independent enough to do what we wanted to do."
David had the same mentality and he proposed the idea of working all his life in a job for which he was not motivated.
"By looking around and talking to other people in the workplace and society in general, they did not seem very happy with that and seemed to accept it, doing the same unsatisfactory without an end in sight," he said.